Real Property Management Service Toronto

Mississauga Property Management: What is the Best Lease Term for Your Property?

 

 

This question used to have a lot more meaning. But last year, bill 124 came around and messed everything up! We are a Mississauga property management company and we’ve got answers.

Landlords love to do new terms, they love to think that the tenant is locked in. They also love to think that there is a real commitment there.

There used to be. Unfortunately, the law has changed. You can’t chase your tenants for months rent after they’ve moved out now. As long as they did it in accordance with a notice.

Landlords have this false perception about what protection is offered to them by a lease term. There are some ways you can work with rent discounts to make this mean something again. But for your average person, month to month is going to be your best option.

Month to month doesn’t restrict the landlord as much as it restricts the tenant. What do I mean by that? When you have a lease term in place you can’t evict the tenant for owners own use. And you can’t evict them for persistent late payment or rent. The landlord doesn’t win at all in those situations.

Same with the changing of a bill. It’s locked in a lot bit more. It’s puts a lot more on the owners shoulders about chasing people down and getting things done a lot quicker.

Educate yourself. Know that these terms have changed and they don’t mean what people perceive them to mean.

Thank you for reading. Here is another Property Management Q&A that you may enjoy: Are landlords allowed to say no to pets?

Also, feel free to contact your Mississauga property management company if you have any questions: Contact us!